was transformed into a regulated non-bank financial institution under the new Syrian microfinance law. This allowed it to invite other shareholders, such as IFC, KfW, and EIB, and mobilise deposits from the public. At the end of 2010, FMFI-S had an outstanding portfolio of 20,004 loans valued at US$21.3 million. West Africa The Première Agence de MicroFinance (PAMF) was established in 2006 to serve Mali, Burkina Faso and Côte d'Ivoire. The number of loans disbursed in these three countries was about 32,000 in 2009. This represents a 27 percent increase compared to 2008. The value of outstanding loans was over US$4.4 million, up from US$3.4 million in 2008. Women made up 46 percent of borrowers. Deposits increased over 2008, up 50 percent in number to just over 10,000, more than doubling in value to US$722,000. Currently, PAMF's activities are overwhelmingly concentrated in rural areas and on rural products. About 85 percent of loans in the region are disbursed from rural branches. The PAMF microfinance institutions offer credit for cereal commercialisation, horticulture, animal fattening and alternatives to cotton growing. East Africa In East Africa, AKAM's primary objective is to provide loans to microenterprises and small businesses for income generating activities such as small-scale agriculture, fishing and retail. AKAM’s East African institutions disbursed about 8,640 loans in 2009, with 45 percent of the beneficiaries being women. The value of outstanding loans surpassed US$1.8 million. Two new branches were opened in Chiure, Mozambique and Zanzibar, Tanzania which brought AKAM's presence in the region to 10 branches in three countries–the third being Kenya. Madagascar The Première Agence de MicroFinance in Madagascar (PAMF-Madagascar) was established in December 2006 as a credit institution with the first four branches established in the region of Sofia, a rural area in the north of Madagascar. In late 2008, PAMF-Madagascar became a microfinance institution. It began taking deposits in July 2009. Today, PAMF-Madagascar has 11 branches in five regions of Madagascar (Sofia, Analamanga, Boeny, Diana and Itasy) and it now operates in both rural and urban areas. At the end of 2009, over 9,500 outstanding loans were distributed by PAMF-Madagascar. These totalled over US$1.8 million and over 1,100 savers deposited with PAMF-Madagascar. Programmes, initiatives and services Housing loans One of the key priorities for the agency was the development of a housing portfolio and methodology throughout six countries. Many of AKAM's institutions offer loans for the refurbishment and renovation of